— Chris Hadley and Anil Seetharam Nominated to Join Board —
— Three Directors Announce Planned Retirements —
HOUSTON–(BUSINESS WIRE)–Mattress Firm Holding Corp. (the “Company”) (NASDAQ:MFRM), the nation’s
largest specialty mattress retailer, today announced that Chris Hadley
and Anil Seetharam have been nominated for election to the Company’s
Board of Directors at the Company’s 2016 annual meeting of stockholders,
which is expected to be held on June 1, 2016. Upon his election, Anil
Seetharam is also expected to join the Audit Committee of the Company.
Mr. Hadley is a managing director with Berkshire Partners, a
Boston-based private equity firm that has raised eight private equity
funds with aggregate capital commitments of over $11 billion. Mr.
Seetharam is a managing director with Stockbridge Investors, an
investment group within Berkshire Partners focused on marketable
securities with assets under management of nearly $2 billion. Berkshire
Partners and Stockbridge Investors together hold an approximate 10.4%
interest in the Company.
The Company additionally announced the planned retirements of the three
individuals holding Class II director positions at the end of their
current terms. The current terms for all three directors are scheduled
to expire at the 2016 annual meeting of stockholders. In addition, the
Company has initiated a search for a third independent director to
nominate for election to the Board.
“We have experienced transformational growth since our initial public
offering in 2011 and our corporate governance continues to evolve to
support this growth,” commented Steve Stagner, chief executive officer
of Mattress Firm. “With the recently completed acquisition of Sleepy’s,
we achieved yet another monumental milestone as the first truly
border-to-border and coast-to-coast, multi-brand mattress specialty
retailer. Three of our directors have chosen to retire at the end of
their terms after overseeing a period of tremendous growth at Mattress
Firm, and we thank them for their service and unique contributions. We
look forward to adding Chris and Anil to our board with their broad
business experience, as well as pursuing this opportunity to search for
an additional candidate to bring a new and diverse perspective to our
board. We are excited about the next chapter of growth that awaits our
About Mattress Firm Holding Corp.
With more than 3,500 company-operated and franchised stores across 48
states, Mattress Firm Holding Corp. (NASDAQ:MFRM) has the largest
geographic footprint in the United States among multi-brand mattress
retailers. Founded in 1986, Houston-based MFRM is the nation’s leading
specialty bedding retailer with over $3.5 billion in pro forma sales in
2015. MFRM, through its brands including Mattress Firm, Sleepy’s and
Sleep Train, offers a broad selection of both traditional and specialty
mattresses, bedding accessories and other related products from leading
manufacturers, including Serta, Simmons, Tempur-Pedic, Sealy, Stearns &
Foster, King Coil and Hampton & Rhodes. More information is available at www.mattressfirm.com.
The Company’s website is not part of this release.
Investor Relations Contact:
Mattress Firm Holding Corp.
Vice President of Investor Relations
Erica Martinez, 214-269-4404